On average, that comes to $11.7 million a year for businesses, which is a 23 percent increase from $9.5 million in cybercrime-related spending last year. However, many organizations may be spending too much on the wrong technologies.

A recent study report found that security intelligence systems (67 percent) and advanced identity and access governance (63 percent) are the top two most widely deployed enabling security technologies across the enterprise.

Cybercrime is expensive and the damage is far-reaching. This includes damage and destruction of data, stolen money, lost productivity, theft of intellectual property, theft of personal and financial data, embezzlement, fraud, reputational harm, and covering the costs of forensic investigation and the restoration and deletion of hacked data and systems.

Melody K. Smith

Sponsored by Access Innovations, the world leader in taxonomies, metadata, and semantic enrichment to make your content findable.